7 Deadly Sins of Crowdfunding
. This page is a brief and
on how to make the most out of your crowdfunding campaign.Here is what all crowdfunding aspirants should know before launching theircampaign.
1. GREED -
It’s not just about the money!
Crowdfunding gives you the chance to raise awareness and build an audience priorto - or while -working on your project. Many successful creators consider thesebenefits to be more valuable than the funding.Non-monetary benefits of crowdfunding include:Showing the world that you are not the only one to believe in your project
(known as “third party validation” in marketing speak).
Building a network of supporters and advocates -
even if people don’t buy
your vouchers, they may talk about your project to their social network.
(“word of mouth” marketing)
Starting distributing your product by selling your project vouchers - i.e. pre-
sell your product (“market testing”).
Getting assistance from the public: let fans participate in your project. Heartheir feedback!
What is a reasonable funding target?
It is ALWAYS better to meet your target than not to meet your target. Sounds
obvious? So please choose a goal that’s small enough that you can confidently
meet and exceed. Exceeding your target will add a touch of brilliance to yourcampaign!Bear in mind you can always come back for another round of funding later.As to the precise amount:Be straightforward about your actual costs, this is what you need to raise.Think about how many vouchers you need to sell to reach your target. Is thata realistic number of sales?